The 7 Biggest Tax Increases
In this episode, John explores the 7 biggest tax increases proposed by the Biden administration. He discusses what changes can be expected. He also shares when these proposed changes may happen and what you can do to mitigate or reduce their impact.
Don’t miss these takeaways:
- The effective date that Biden released is taxable years after December 31 of 2021, and if you have a September close for your C corporation, the effective date would be in January of 2021
- Watch out for the capital gains and dividend rate
- Be mindful of retro tax
- Gifts in death triggers—possibly creating taxable events
- Dynasty trusts—any unrealized gain inside of a trust, partnership or other non-corporate entity for 90 years could be deemed taxable
- Repeal of 1031 tax-free exchanges
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